Optimism (OP) Struggles as Open Interest Stabilizes Near Lows
Optimism (OP) is struggling around $0.30 as open interest stabilizes near lows, reflecting weak market sentiment and persistent selling pressure.Summary
Optimism (OP) is consolidating around the $0.30 level, but market signals remain fragile. Derivatives positioning shows aggregated open interest stabilizing between 50.6M–50.7M after a recent decline, indicating that liquidations have cooled but new capital is not entering the market, suggesting weak conviction from both buyers and sellers.
On the spot market, OP is priced at $0.30, marking a 14.62% drop over 24 hours, with its market cap falling to $570 million. Technical analysis shows persistent selling pressure, with the token trading near the lower Bollinger Band ($0.3082) and failing to reclaim the baseline ($0.3798). Momentum indicators like the MACD confirm sustained bearish momentum, suggesting that while volatility is narrowing, the immediate outlook remains cautious with sellers maintaining control.
(Source：Brave New Coin)